Press release
Construction Industry Growth Fuels Expansion Of Forklift Truck Market: A Key Driver Powering Forklift Truck Market Growth In 2025
Forklift Truck
What Is the Current Forklift Truck Market Size and Its Estimated Growth Rate?
The market size for forklift trucks has seen robust growth recently. The projections suggest it will expand from $68.53 billion in 2024 to reach $75.17 billion in 2025, embracing a compound annual growth rate (CAGR) of 9.7%. This historical growth has been driven by the expansion within the manufacturing and construction sectors, the broadening of warehouse and logistics operations, the uptake of forklift trucks for material handling purposes, advancements in forklift technology with the introduction of electric and fuel-efficient models, and the rising demand marked by the e-commerce industry.
Expected to witness significant expansion in the coming years it is, the forklift truck market, which is predicted to reach a value of $119.73 billion by 2029, with a compound annual growth rate (CAGR) of 12.3%. This growth trajectory for the forecasted period can be traced back to a heightened demand for electric forklift trucks due to environmental sustainability considerations, the integration of IoT and telematics for improved forklift fleet management, growth in the e-commerce sector and an emphasis on automated material handling, the application of hydrogen fuel cell technology in forklifts as a cleaner energy alternative, and an increase in construction and infrastructure projects. Noteworthy trends during the forecast period include advancements in autonomous and robotic forklifts, a focus on ergonomic designs, use of lithium-ion batteries in electric forklifts, tailoring of forklifts to meet unique industry applications and tasks, and incorporation of predictive maintenance technologies.
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How Are Emerging Segments Shaping the Forklift Truck Market Landscape?
The forklift truck market covered in this report is segmented -
1) By Product Type: Counterbalance, Warehouse
2) By Technology: Electric Power, Internal Combustion Engine
3) By Class: Class I, Class II, Class III, Class IV, Class V
4) By End-User: Retail and Wholesale, Logistics, Automotive, Food Industry, Other End Users
Subsegments:
1) By Counterbalance Forklifts: Electric Counterbalance Forklifts, Internal Combustion Counterbalance Forklifts
2) By Warehouse Forklifts: Reach Trucks, Pallet Jacks, Order Pickers, Stackers
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Which Growth Factors Are Influencing Forklift Truck Market Expansion?
The expansion of the construction industry is forecasted to fuel the growth of the forklift truck market. This industry encompasses residential, commercial, industrial, institutional, and infrastructure construction. Forklift trucks are deployed in construction for a variety of tasks, including offloading pallets containing bricks or blocks, steel joists, and various construction products and materials. They are vital for transferring these items from delivery trucks to construction locations. For example, statistics from Eurostat, a government agency based in Luxembourg, show that in February 2024, the mean annual output of construction in both the EU and the euro area incremented by 0.1% and 0.2% respectively from 2022. Thus, the significant growth in the construction sector is a key factor in driving the forklift truck market's expansion.
Who Are the Dominant Players Across Different Forklift Truck Market Segments?
Major companies operating in the forklift truck market include Anhui HELI Co. Ltd., Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation, Clark Material Handling Company, Combilift Ltd, Doosan Industrial Vehicle, EP Equipment, Hyundai Heavy Industries Co. Ltd, Lift Technologies Inc, Linde Material Handling, Lonking Machinery Co. Ltd., The Raymond Corporation, UniCarriers Americas Corporation., Manitou Group, Tailift Group, LiuGong Machinery Corporation, Lonking Holdings Limited, Hubtex Maschinenbau GmbH & Co. KG, Hangzhou UN Forklift Co. Ltd., Paletrans Equipamentos Ltda
What Are the Latest Developing Trends in the Forklift Truck Market?
The introduction of innovative products is now a prevalent trend in the forklift truck market. The major players in this sector are turning their focus towards the creation of new advancements in technology as a strategy to expand their market presence. For example, Linde, a company based in the UK that specializes in industrial gases and engineering, rolled out the E35-E50 Series 1254 electric counterbalance forklift in 2023. This range is designed to achieve high performance levels while being eco-friendly. It utilizes advanced lithium-ion battery technology to improve energy efficiency and decrease charging durations. The forklifts have a varying lifting capacity that ranges from 3.5 to 5.0 tonnes, which makes them appropriate for a wide range of industrial uses.
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Which Geographic Regions Are Expected to Dominate the Forklift Truck Market in the Coming Years?
Asia-Pacific was the largest region in the forklift truck market in 2024. The regions covered in the forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Forklift Truck Market?
2. What is the CAGR expected in the Forklift Truck Market?
3. What Are the Key Innovations Transforming the Forklift Truck Industry?
4. Which Region Is Leading the Forklift Truck Market?
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